Cleveland at a glance
- Population: roughly 159 people; 1,160th of 1,294 places in Illinois (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 162 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 1.9% below the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 1,160th-largest of 1,294 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: ahead of around 10% of Illinois places in population terms (US Census Bureau).
- Coordinates: 41.5032, -90.3170 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Colona, IL (2 mi); East Moline, IL (4 mi); Carbon Cliff, IL (4 mi); Silvis, IL (5 mi); Rapids City, IL (5 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Panorama Park, IA (8 mi); Maysville, IA (23 mi); Bishop Hill, IL (23 mi), each a US Census place.
What a personal loan costs in Cleveland
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Illinois lending rules that apply in Cleveland
The table lists the Illinois rules that apply to a loan made in Cleveland, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Permitted under license; capped at 36% annual percentage rate (payday loans) Source says: "shall not contract for or receive a charge exceeding a 36% annual percentage rate ... for a payday loan". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Installment Loan Act license required from the Director of Financial Institutions (loans above 9% APR) Source says: "No person ... shall engage in the business of making loans of money ... except ... after first obtaining a license from the Director of Financial Institutions". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| State lending regulator | Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions Source says: "DFI licenses, charters, and examines a wide variety of financial products and services including: Consumer and Sales Finance and Collection Agencies". | Illinois Department of Financial and Professional Regulation as of 2026-09-16 |
| Installment lender net-worth requirement | $30,000 minimum positive net worth (plus $25,000 surety bond) Source says: "every applicant shall prove ... that the applicant has and will maintain a positive net worth of a minimum of $30,000". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 9% annual percentage rate (general written-contract interest cap) Source says: "it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
How to compare offers in Cleveland
The steps below are worth completing first when you borrow in Cleveland:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.